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HomeMy WebLinkAbout0800 • f ^'S 1411 CONDOMI~IU~IA.RIDER I THIS CONOIMINIUM RIDER is made this ?th day of April, 1980 ,and is incorporated into and shall be deemed to smend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrumenC~ dated of even date herewith, given by the undersigned (herein "Borrower'1 to secure Borrower's Note to fFlrat Fedeal t3avings8 Loan Association of Martin County(herein"Lenderq and covering the Property described in the security instrument and.lot:ated a[ 9900 NE Ocean Boulevard, Jensen Beach, Florida 33457 The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium - project know as OCEANA OCEANFRONT CONDOMINIUM II gherein "Condominium Project") CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bor- rower and lender further covenant and agree as follows: A. AsNasments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association's pursuant to the provisions of the declara- tion, by-taws, code of regulations or other constituent document of the Gondominium Project. B. Hasard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the Condo- minium Projectwhich provides insurance coverageagainst fire, hazards included within the term"extended coverage." and such other hazards as Lender may require: and in such amounts and for such periods as Lender may require, then: ' lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one•twelffh of the premium installments for hazard insurance on the Property, - (i) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (ii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be super- seded by any provisions of the declaration, by-laws, code of regulations orotherconstituent document of theCondominium Project or of applicable law to the extent necessary to avoid conflict between such provisions and the provisions of Uniform Covenants. Foranyperiod of timeduring which such hazard insurance coverage is not maintained, the immediately preced- ing sentence shall be deemed to have no force or effect Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following Gloss tothe iroper- ty, whether to the unit or to-common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any, paid to Borrower. C. lenders Prior Consent. Borrower shalt not, except after notice to Lender and with Lender's prior written con- sent: partition or subdivide the Property or consent to: (I) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantial destruction by fire or other casualty or in the case of taking by condemnation or - eminent domain: (i) any material amendment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which would change the percentage interests•of the unit owners in the Condominium Project; or - (ii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project. - D. Remedies. If Borrower breaches Borrowers covenants and agreements henundsr, IncludlnQ the covenantto pay when due condominium assessments, then Lendermaylnvoke, any nmedles provided underthe security Instrument, includlnQ, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. X82'752 ~ ~ - ORROWER ; S. N AL GRAHAM .1986 APR I 1 PK 2 23 E~L``EO~~ARGpRt: COstal tt ROGERCi~QITRASA~ LIS .GRAHAM BORROWER txi`fuc ctrif~aT c s~?~~p - s BORROWER BORROWER CONDOMINIUM RIDER- 1 to4Family-6/75-FNMAIFHLMCUNIFORMINSTRUME~~'j`~ 02 6179 er,i~t~~ D~f`C